The low-cost retailer has seen revenue growth slow as competition increased among stores seeking to tap into the pool of cash-strapped consumers who have cut back on spending as the rouble weakened and inflation ran high.

Analysts have said they expect Magnit to cede its leading position to X5 Retail Group (PJPq.L) in 2017 as the aggressively expanding competitor has been reporting sales growth in excess of 20 percent. Other retailers in the sector have yet to report their 2016 sales figures.